The broad market closed lower on Friday, erasing what would have been weekly gains.

Markets were under pressure at the close of the trading week as concerns over Greece's debt drama intensified. SPX closed down 14.75 points or 0.7% to close at 2094, pretty much where it started at the beginning of the week.

The selloff yesterday put us outside the entry guidelines for the weekly SPX Iron Condor, so we only have one open position on this weekend.

Below is the current open position status:

SPY July Iron Condor

This monthly position was entered June 8; trade details are:

- SOLD SPY July 216 Call, $.60 Credit.

- BOUGHT SPY July 221 Call, .08 Debit.

- SOLD SPY July 198 Put, 1.14 Credit.

- BOUGHT SPY July 193 Put, $.67 Debit

Order was filled as an "Iron Condor" for $.99 net credit (all four legs)

Margin/Risk is calculated by the width of the wings ($500), less credit received.

Margin/Risk for this trade: $401.

Target Gain: 10% of margin/risk.

Max loss: 15% of margin/risk.

Below is the risk graph of this position as shown on my broker's platform:

SPY July Iron Condor:

Below is the SPY chart showing the short strikes:

SPY 6 month chart

SPY closed Friday at 210, down 1.62 points. As of the close, the position is +$24, a little over half way to our target gain.

Trade Management:

The guidelines call for the position to remain open until target gain is reached, as long as SPY stays between the short strikes. They also call for exiting at the pre-set max loss, or if SPY reaches either short strike. It is recommended to have a "good to cancel" conditional order in to exit the position for target gain or max loss. Please follow your broker's specific guidelines on the setup of conditional orders as they can vary by broker.

Next week is a busy week for economic news, including the FOMC meeting and press conference. A recap is below:

Monday

8:30 am Empire State Manufacturing Survey

9:15 am Industrial Production

10:00 am Housing Market Index

Tuesday

FOMC Meeting Begins

8:30 am Housing Starts

Wednesday

10:30 am EIA Petroleum Status Report

2:00 pm FOMC Meeting Announcement

2:30 pm Fed Chairman Janet Yellen Press Conference

Thursday

8:30 am Jobless Claims

8:30 am Consumer Price Index

10:00 am Philadelphia Fed Business Outlook Survey

Friday

11:40 am Fed John Williams speaks

12:15 pm Fed Loretta Mester speaks

Next week is the planned entry for the RUT Iron Condor for the July monthly cycle. Monday will be 32 days prior to expiration, so we will enter the position sometime next week depending on market conditions and available credit.

For those unfamiliar with the strategy, the trade management guidelines were updated on October 22, 2014, and can be found here: Link to Articles

Trade updates will be posted as appropriate.

As always, stay keen on your risk management and trade carefully,

Dot Hazlin